Concealing 30 Million Yuan Loan Is Questioned &Nbsp; Experts Say It Is Suspected Of Illegal Lending.

In June 4th, 002034.SZ issued 4 announcements, both with its subsidiary Jingzhou ODA.

In June 8th, the reporters interviewed experts and lawyers, and pointed out that according to the sixty-first provision of the general provisions of loans, enterprises must not handle loans or disguised loan financing in violation of state regulations.

Therefore, the loan behavior of ODA textile and Jingzhou urban construction is suspected of violating the relevant laws and regulations, "the relevant contract is not protected by law".

At the same time, the huge income generated by land sales has made the success of the company and the net profit has increased significantly.

However, the income tax of Mei Xinda is negative. "It is not excluded that the company has room for speculation and unreasonable accounting treatment," said financial experts.

In June 8th, the reporter contacted Liu Zhaohe, a representative office of the United States, and did not receive any reply as of the day of issue.

Suspected illegal foreign borrowing thirty million

Mei Xinda was issued a letter of supervision.

In recent years, the main business of Mei Xinda is hard to say that it has the capacity of sustainable growth. In the past 2008-2010 years, after deducting non recurring gains and losses, the net profit attributable to shareholders of listed companies reached -7102.71 million yuan, -3227.99 million yuan and 3 million 184 thousand and 900 yuan.

Since 2009, Mei Xinda has begun to sell the land use rights owned by ODA textile, and the company's net income from selling land has been losing money.

In March 18th of this year, Mikin Dachiko Textile Co., Ltd. signed an agreement with Jingzhou land center, the latter with a total price of 301 million yuan compensation for the ODA textile owned 315 thousand and 700 square meters of land for storage.

The agreement also stipulates that the compensation amount of 300 million yuan is divided into four installments.

Before June 30th, the land center of Jingzhou only needs to pay a total of 118 million yuan of land compensation, and the remaining amount will be paid in full before September 30, 2013.

However, as early as April 20th (that is, the audit report date), the Jingzhou land center had already paid 150 million yuan for land acquisition.

Why does the Jingzhou land center pay land in advance, and more than three thousand yuan more than the agreement?

Or, from a supplementary notice in the United States, it can be seen that in January 26th, ODA textile provided 30 million yuan for the Jingzhou city construction and charged the funds in accordance with the bank deposit rate at the same time.

According to public information, at least, there is a working capital gap of $100 million, and plans for multi-channel financing.

So why does his subsidiary, ODA textile, lend 30 million yuan to low interest rates to lend no money to Jingzhou's urban construction?

The latter is a wholly state-owned real estate development company.

If it is not because of the regulatory letter issued by the regulatory department on the regulation of the Limited by Share Ltd of the Zhejiang Xinda printing and dyeing group, I am afraid investors will not know that ODA textile has such a low-key "self sacrifice" behavior.

However, Mei Xinda has its own explanation.

In the supplementary announcement of June 4th, including the independent directors and the board of directors, they believed that the borrowing behavior of ODA textile would not affect the normal operation of ODA textile, nor would it cause substantial damage to the interests of the company.

And as a wholly state-owned enterprise, Jingzhou urban construction has the ability to repay debts.

Only in this way, why did Mei Xinda hide the borrowing behavior of ODA textile before?

Suspected illegal lending

Is it a bridge company?

On June 8th, the reporter telephoned Professor Meng Qin Guo of Wuhan University.

Professor Meng Qinguo believes that the main business of Mei Xinda is printing and dyeing and weaving, and is not related to Jingzhou's urban construction.

So, ODA textile for Jingzhou city construction loan is obviously with the company.

To this end, for ODA textile to Jingzhou city construction to provide 30 million yuan loan violation of relevant laws and regulations, the reporter to Shanghai City lawyer Lei Jingqi consulting.

Lei Jingqi said the above actions were suspected of violating the relevant provisions of the PBC's loans to enterprises, and at the same time indicated that the loan contract is likely to be unprotected by law. If the borrower removes the principal, the interest income may be confiscated on the grounds of illegal gains.

Some analysts told reporters that he did not rule out the role of ODA textile in the loan process as a "bridge company" role.

It may be that the agencies concerned provide 30 million yuan loan to Jingzhou urban construction in order to avoid accounting treatment or for other reasons to pay compensation for ODA textile in advance.

As a result, ODA textile will not lend to Jingzhou's urban construction at low interest rates regardless of the relevant legal provisions and the tight financial situation of the group.

One quarterly doubt

Mei Xinda takes the opportunity to hype?

According to the annual report, the Jingzhou land center has sent to the United States

In view of its 51% stake in ODA textile, the paction will increase the non recurring gains and losses of ODA textile in the year of 75 million by 75 million yuan.

Why is it that in a quarterly report, the regular gains and losses of the company amounted to 122 million yuan?

And the premise that the land center of Jingzhou has not paid the land compensation in full?

In June 8th, a financial expert of Central University of Finance and Economics, who did not want to be named, told reporters that in a quarterly report, the company's income tax was even negative on the premise of the huge increase in net profit and loss of profitability.

Whether in accounting or in fact, there are unreasonable situations.

"The basic earnings per share of last year's annual report is only 0.10 yuan, and the quarterly report has skyrocketed to 0.81 yuan." the financial experts said that although it was impossible to know how the company's non recurring gains and losses were specifically determined, there was a contradiction between the previous agreement and the previous agreement.

At the same time, it can be determined that under the premise that the net profit has been turned into a profit and a substantial increase has been achieved, it is unreasonable for the income tax to remain negative.

"We do not exclude the company from taking advantage of the opportunity of a quarterly report without auditing, taking the opportunity to inflate profits and give the company a share of its share price."

According to WIND data statistics, with the beginning of this year's history, the United States Xinda began to calculate, during the 8 months of January 26th -6, the 87 increase of the stock market was 109.58%, and the turnover rate was 502.12%.

In June 8th, the reporter sent a phone call to the representative office of Mei Xinda and Liu Zhaohe, and failed to receive any reply as of the day of issue.